Western Alliance Bancorp (WAL) looks bullish

Western Alliance Bancorp (WAL) is setting up for a bullish breakout from a late 2024 into early 2026 basing pattern. A decisive rally above 93-95 would confirm this pattern with upside potential beyond the late 2024 peak at 98.10 toward 113-116 (61.8% extension of the early 2023-late 2024 rally projected from the April 2025 low and tactical pattern count) and then to 124-130 (late 2021 peaks and full pattern count). The 100% extension at 147 provides another upside target on a stronger rally.

Until a decisive breakout happens, rising 13-, 26- and 40-week moving averages from 86.00 to 82.20 reinforce this bullish pattern.

WAL is improving relative to the S&P 500. Regaining the declining 200-week moving average vs. the S&P 500 would increase conviction that WAL can emerge as leadership.

Chart 1: Western Alliance Bancorp (WAL) (top) and relative to the S&P 500 (bottom)

The volume advance decline indicator is building a base that looks promising as a potential leading to confirming indicator for WAL's stock price.

MACD has flipped bullish above the zero line, which could provide a leading indicator for an absolute price breakout.

Chart 2: Western Alliance Bancorp (WAL) (top), volume advance decline (center), and MACD (bottom)